Greece: Are You Finally Ready to Do the Right Thing and Leave the Euro?
The era of living off borrowed money is over in Greece, and the Greek people now have a choice.
Almost four years ago I wrote Greece, Please Do The Right Thing: Default Now(June 1, 2011). Default remains the only real way forward for Greece and Europe.Consider the destructive “gains” reaped by four years of lies, predation, debt-serfdom and austerity in service to kleptocrats: tremendous suffering by many Greek citizens, all for nothing but propping up the evil of debt-serfdom to the Greek kleptocracy and the financial royalty of Europe.
The truth is Greece squandered four years propping up a patently false illusion that using the euro as a currency was worth everything, when it was always worth nothing. As I have described at length for four long years, the euro created a brief (and highly profitable to the kleptocrats and banks) fantasy that marginal borrowers would magically be transformed into solid credit risks simply because they were now borrowing euros instead of drachmas.
It doesn’t matter what is being borrowed–euros, drachmas, quatloos or beads–marginal borrowers are still high credit risks. The entire subprime mortgage fiasco was based on a similar financial fraud: that the housing bubble would enable homeowners with insufficient cash, income and creditworthiness to service gargantuan mortgages–mortgages that were issued with the intent of defrauding buyers of mortgage-backed securities.
Greece is simply an example of the same fraud played out on a larger stage.
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